Blockchain firm OwlTing wants to upend hotel bookings

OwlTing, which has raised $6 million from Kyber Capital and Midana Capital among others, has built a blockchain-based system for 400 clients that eliminates double-booking of hotel rooms.

A Taiwanese startup led by a former Google employee intends to employ the same technology that underpins Bitcoin and Ethereum to shake up travel.

Darren Wang’s OwlTing has rolled out a system to establish the provenance of stuff: hotel bookings.

OwlTing, which has raised USD 6 million from Kyber Capital and Midana Capital among others, has built a blockchain-based system for 400 clients that eliminates double-booking of hotel rooms, by recording real-time inventory as customers book through online services such as Expedia.

Given it’s on track to turn profitable this year on a mere USD 15 million in annual revenue, Wang says he’s aiming to raise as much as USD 500 million via a Nasdaq listing by the second quarter of next year. OwlTing has also invested in fellow Taiwanese startup CoolBitX, which is setting up a digital wallet for virtual currencies and has attracted capital from SBI Holdings Inc.